Recently, polymer science and engineering research has shifted toward the development of environmentally benign polymers to reduce the impact of plastic leakage on the ecosystems. Stringent regulations and concerns regarding conventional polymers are the main driving forces for the development of renewable, biodegradable, sustainable, and environmentally benign materials. Although biopolymers can alleviate plastic‐related pollution, several factors dictate the utilization of biopolymers. Herein, an overview of the potential and limitations of synthetic biopolymers and their composites in the context of environmentally benign materials for a sustainable future are presented. The synthetic biopolymer market, technical advancements for different applications, lifecycle analysis, and biodegradability are covered. The current trends, challenges, and opportunities for bioplastic recycling are also discussed. In summary, this review is expected to provide guidelines for future development related to synthetic biopolymer‐based sustainable polymeric materials suitable for various applications.